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General Electric Co. (NYSE: GE) has announced that its Oil & Gas segment’s sales would reduce by 5% by the end of fiscal year 2015 (FY15). Recently, General Electric has also announced up to 575 layoffs for its Lufkin's oil field equipment unit employees. The current reduction of approx. 40% in the crude oil prices has forced the industry to cut down its workforce. Over 100,000 jobs have been slashed worldwide due to the fall in oil prices.
Since the beginning of this month, General Electric stock has lost around 4.2% of its value due to worries stemming from falling crude oil prices and the consequent impact on the company’s Oil & Gas segment.